DC Apartment Rendering Frequency Apartments, 4000 Brandywine Street NW, WashingtonDC.

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WASHINGTON DC – UIP Companies Inc. has recapitalized itsadaptive reuse multifamily project for a $42 million, class-A assetin Northwest Washington DC.

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The project secured $9.8 million in crowd-sourced equity capitalraised on CrowdStreet from 225 individual investors. More than $5million in offers were raised in 30 minutes, and the deal wasfully-pledged in two hours and six minutes.

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The online fundraising took place less than 24 hours after theDow Jones Industrial Average recorded its worst one-day point dropin history, the S&P 500 finished down nearly 12% and the NasdaqComposite ended down 12.3%.

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For the project, UIP Companies additionally secured $18.7million in mortgage refinancing from an insurance company. Theproject also received proceeds from a sale-leaseback of theland.

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UIP Companies Inc. originally acquired the Washington DCproperty in 2016. The company converted the 36,000-square-footoffice property into a now 50,000-square-foot, multifamily propertythrough an adaptive reuse project. DBMC served as the architect forthe adaptive reuse project.

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The building, located at 4000 Brandywine Street NW, is situatedone block away from the Tenleytown metro station, on the east sideof Wisconsin Avenue.

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The apartment building is currently master-leased to AmericanUniversity. The private university currently leases 88 of thebuilding's 100 units and has the rights to lease the remainingmarket-rate units as they become available.

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The building has been renamed Frequency apartments as an ode toWAMU, a national public radio affiliate that housed its offices andbroadcasting studio in the building, prior to the multifamilyconversion. The name also refers to the property's location on topof Tenley Hill; the highest point in the District of Columbia at450 feet above Pennsylvania Avenue.

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Based in Washington DC, The UIP Companies Inc. is a verticallyintegrated regional apartment building owner, developer, propertymanager and general contractor. The firm has invested more than$1.2 billion in the Washington DC region, and currently has morethan $800 million in assets under management.

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Ingrid Tunberg

Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.